Global Battery Market Highlights:-
Global Battery Market is well-established and ever-increasing space. Thanks to the growing demand for the batteries with extra power and capacity, from some of the burgeoning sectors such as Telecom, Automotive, Industrial, and electronics among others. The proliferation of smart devices like Smart Phone and other battery operated devices have boosted the growth of the battery market.
Additionally, the consumer demand for long-lasting and durable batteries that can run throughout the day without getting discharged and have a long-life has impacted the market growth positively, driving the innovations. These factors accumulatively contribute to the market growth further escalating the market on the global platform.
Conversely, volatility of price and supply of the raw materials involved in battery manufacturing is impeding the market growth. Also, factors such as safety issues pertaining to battery usage and the cost inhibit the market growth. However, improving the economy, raising the consumers’ purchasing power, will be propelling the market growth, allowing the market to enjoy its heyday for the next six long years.
Industry Top Key Players:-
- Exide Technologies
- Douglas Battery
- Penn Manufacturing Company, Inc.
- Chaowei Power Holding Ltd
- and Johnson Controls Inc.
- Fengfan Co. Ltd.
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Global Battery Market – Segments
MRFR has segmented the report into 3 key dynamics for the convenience:-
By Battery Types : Includes Lead Acid, Nickel-Cadmium, Nickel Metal Hydride and Lithium-ion.
By Applications : Automotive, Industrial, and Portable among others.
By Regions : North America, Europe, APAC and RoW (Rest of the World).
Industry/ Innovation/ Related News:
June 01, 2018 – Panasonic Corporation (Japan), one of the global leader engaged in the development, manufacture, and sale of electrical products announced plans to double its battery sales by 2021 to remain competitive with the Chinese battery makers by leveraging its established ties with Toyota Motor, Tesla, and other automakers.
MAY 31, 2018 – Voltaiq (US), a Battery Intelligence Firm announced that it had raised USD 6.6 Million from UL’s Venture Arm, Anzu Partners, and SJF Ventures. A little-known battery performance testing startup, Voltaiq is already mentioned in the list of the industry leaders in advanced battery analytics solutions for the grid storage, electric vehicle and consumer electronics market segments.
Global Battery Market – Geographical Analysis
Globally, Asia Pacific accounts for the largest Battery market attributing to the burgeoning industrialization & automobile market in the region. Backed by the huge demand from the constantly growing automotive industry, countries such as India, China, Indonesia & Japan account for the major growth contributors of the regional market.
Growing urbanization, the ever-increasing population along with the improving economic conditions in the region drive the demand for luxury items such as automobiles, consumer electronics, and electric vehicles, in turn, foster the growth of the regional battery market. Also, considerably growing demand for the product in different industrial sectors, promote the growth of the APAC market.
North America region stands the second largest Battery market, globally, owing to the enormous contribution from the US market, fuelled by the broad application areas of the product across the industries. Also, rising number of programs & initiatives towards spreading the awareness about keeping the environment healthy, are expected to drive the demand for the futuristic vehicles, resultantly, fostering the regional market growth rapidly.
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